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Quarterly Accounting Roundup — Year in Review — 2017

Welcome to Quarterly Accounting Roundup: Year in Review — 2017. Key developments that occurred in 2017 included the following:

The FASB’s release of Accounting Standards Updates (ASUs) that (1) clarify the definition of a business, (2) amend the scope of modification accounting for share-based payment arrangements, (3) amend the guidance on presentation of net periodic benefit cost related to defined benefit plans, (4) amend the guidance on derecognition and partial sales of nonfinancial assets, (5) simplify the goodwill impairment test, and (6) make targeted improvements to the hedge accounting requirements.

The FASB’s issuance of two proposed ASUs related to its new leasing standard, ASU 2016-02, that would (1) amend the new standard’s transition requirements for land easements and (2) make a number of technical corrections and improvements to the standard.

The PCAOB’s release of a new auditor reporting standard that significantly modifies the auditor’s reporting model.

The SEC’s publication of a proposed rule that would make specific revisions to a limited group of items in Regulation S-K and is intended to streamline and improve disclosures.

The IASB’s issuance of its new insurance contracts standard, IFRS 17, which supersedes IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of these contracts.